The Internet home for American gay conservatives.
August 5, 2011 by Bruce Carroll
Budding Economist says
August 5, 2011 at 10:57 pm - August 5, 2011
It is certainly an interesting time to be studying economics.
August 5, 2011 at 11:18 pm - August 5, 2011
killiteten - Native Intelligence says
August 5, 2011 at 11:45 pm - August 5, 2011
At this point, I am hoping that I am left with some change!!!
August 6, 2011 at 4:16 am - August 6, 2011
Yea, because S&P’s reasoning behind the downgrade is completely about Obama’s faults. The GOP’s misuse of the debt ceiling or their unwillingness to raise revenues played no role in this whatsoever.
North Dallas Thirty says
August 6, 2011 at 4:44 am - August 6, 2011
Let’s provide aj with a few facts, shall we?
aj insists that Obama and the Obama Party’s flat refusal to accept any spending cuts was absolutely correct and that we can tax our way out of our problems.
Well, here’s the facts:
The grand total of the combined net worth of every single one of America’s billionaires is roughly $1.3 trillion. It does indeed sound like a “ton of cash” until one considers that the 2011 deficit alone is $1.6 trillion. So, if the government were to simply confiscate the entire net worth of all of America’s billionaires, we’d still be $300 billion short of making up this year’s deficit.
But how about if we drop it to millionaires?
In 2008, .3% of tax returns were from filers with taxable incomes over $1 million. Those .3% of filers paid 24% of individual taxes collected by the government in 2008, but it only amounted to about $255 billion. How can we fix our deficit problem by tax increases on millionaires and billionaires? Even if we raise their tax rates to 100%, we only collect $683 billion more in taxes – still leaving a $917 billion (nearly $1 trillion) one year budget deficit.
And here’s the real kicker:
After we double tax rates on all Americans with taxable incomes over $18 thousand, we still have a one year 2011 budget deficit of $524 billion.
This is obvious and immediately apparent to anyone with even a basic understanding of math. So aj, your bullshit about taxing our way out of debt is mathematically impossible, but of course you continue to spew it, because you are mentally incapable of doing anything other than demanding more taxes, just like your Barack Obama.
Furthermore, aj, let’s see; Republicans wanted more and larger cuts – which is what the ratings agencies said were necessary to avoid a downgrade – and passed not one, but TWO bills, the first of which more than nicely met the qualifications to avoid a downgrade AND put in place the mechanism to balance the country’s budget for once and for all.
You, Obama, and your Obama Party screamed and whined and cried and threw temper tantrums, insisting that you could not cut government spending and that anyone who said so was an ignoramus, a terrorist, a hostage-taker, a murderer, and so forth.
You blocked the cuts, we got downgraded. And now like the childish and imbecilic brat that you are, you’re whining that it’s someone else’s fault and insisting that, if we’d just let you raise taxes, we wouldn’t have this problem.
Sebastian Shaw says
August 6, 2011 at 9:34 am - August 6, 2011
The ads write themselves: The AAA downgrade to AA is directly linked to ObamaCare & Porkulus; the Democrats can try to blame the Republicans for not raising taxes, but this is not realistic given taxes will have to go up so high a %. Republicans can just push back with ObamaCare & Porkulus then watch the Dems run away & try to change to the subject.
Richard Bell says
August 6, 2011 at 9:56 am - August 6, 2011
Funny how S&P took a page out of the democrat playbook and made this announcement late on Friday.
August 6, 2011 at 9:57 am - August 6, 2011
This is obvious and immediately apparent to anyone with even a basic understanding of math.
[mythbuster]Well there’s your problem.[/mythbuster]
And the market looked bad before…
Ted B. (Charging Rhino) says
August 6, 2011 at 10:44 am - August 6, 2011
This is Obama’s 9-11…and he has to own it. And in the long-run may do more financial and ecomonic harm to the security of the United States than 19 Islamofascists did.
Bruce (GayPatriot) says
August 6, 2011 at 1:14 pm - August 6, 2011
All I know is that Bush left office with a triple AAA rating and after 2 years of full Democrat control of White House & Exec Branch, even the House GOP couldn’t stop the trillions in spending this year which led to the downgrade.
August 6, 2011 at 3:23 pm - August 6, 2011
Do you not suppose that a debt fueled permanent expansion of entitlements and government got us up against the debt ceiling in the first place? Does a debt ceiling mean nothing? Most folks STOP spending when they see they only have a few bucks in their wallet. Liberals take it as a sign that they have to go out and shake people down to continue their spending blitz on shit they don’t need.
August 6, 2011 at 7:23 pm - August 6, 2011
a debt fueled permanent expansion of entitlements and government got us up against the debt ceiling in the first place
August 7, 2011 at 12:25 am - August 7, 2011
I am crossing my fingers that the economy stays weak for the next year. It is a small price to pay so that Obama is kicked out of office. If the GOP can win all houses of Congress and the Presidency, they should use budget rules to circumvent the filibuster to get rid of Obamacare.
August 7, 2011 at 9:57 am - August 7, 2011
Davinci, all one has to see is Obama will not stop the regulations coming from ObamaCare, the EPA, & other sources; therefore, job stagnation is a given for 2011-2012. Job creation, ObamaCare, the defict, & Porkulus will remain big campaign issues for now until the election; the heat is going to be far hotter for Obama as he might feel like he’s in the heart of a star about explode. Obama is going to crack.
August 7, 2011 at 2:07 pm - August 7, 2011
I. m willing to bet that Jean Garafalo will say the downgrade is racially motivated, they can´t stand the idea of a black man being President.
Gene in Pennsylvania says
August 7, 2011 at 8:15 pm - August 7, 2011
Could the press please begin to scream questions at Obama like they use to Bush and Reagan?
They can start with
“do you have any regrets Mr President……
“are you sorry about any of your decisions……
“did you really ask tax cheat Timmy Geithner to stay on…..